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Political Candidate Now Accepting Bitcoins For His Campaign

(Photo by Alexander Kirch via Shutterstock)
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What can't you do with bitcoins? On top of purchasing a Tesla with the virtual currency, it looks like now you can also donate to a politician's campaign.

Michael Glenn, who's running for a seat in the Newport Beach City Council, believes accepting bitcoins for his campaign makes him look like a more open-minded, accessible politician, according to the Daily Pilot. Glenn said he's already received donations through it.

The chief executive of a web development company has owned some bitcoins himself and researched the legality of accepting the digital dough for two months before going through with it.

The bitcoin mania has been stirring headlines lately where even one couple is accepting bitcoins for the sale of their nearly $8 million home. However, the Washington Post reported on Wednesday that the value in bitcoins dropped significantly after China's largest Bitcoin exchange company stopped taking the currency.

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Also worth noting, once you make a purchase with bitcoins, the transactions are irreversible, according to The Verge. “Bitcoin is like cash,” says Nicolas Christin, an assistant research professor at Carnegie Mellon University who has done extensive analysis of Bitcoin. “The only way to get it back is by tracking you down and basically beating you up with a lead pipe.”